Word: nationalizations
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...warning of the precarious state of the Chinese economy, Wen was expressing concerns about the nation's very risky macro bet. With nearly 80% of its GDP going to exports and fixed investment, China had become overly reliant on cross-border trade and on the investments required to support the logistics and capacity of its increasingly powerful export machine. Not only has China slowed dramatically - with export growth turning sharply negative in late 2008 and industrial output growth slipping into the low single digits - but the rest of an increasingly China-centric Asian economy has been quick to follow...
...nation whose citizens pride themselves on self-reliance, the U.S. doles out an awful lot of welfare. Corporations get it. Farmers get it. Even poor people get it. But no other interest group makes out quite the way homeowners do. They - or we, I should say, for I'm a homeowner too - are at the receiving end of a truly staggering array of subsidies and tax breaks. Putting an exact price tag on all of them is impossible, but the value is clearly in the hundreds of billions of dollars a year...
...escaping bondage proved to be only half the story. After the Israelites arrive in the desert, they face a period of lawlessness, which prompts the Ten Commandments. Only by rallying around the new order can the people become a nation. Freedom depends...
...Israelites out of Egypt, then handed down the Ten Commandments, a reluctant George Washington led the colonists to victory, then presided over the drafting of the Constitution. The parallel was not lost. Two-thirds of the eulogies at Washington's death compared the "leader and father of the American nation" to the "first conductor of the Jewish nation...
...good – we should not celebrate his arrival, they say, because the indigenous people of North America certainly did not appreciate the genocide he wrought. But, Harvard, we still appreciate the historical gesture. And though Duke and U Chicago, amongst many other illustrious academic institutions in this nation, are not granting their students rest, you are, dear Harvard. And for that, our deepest thanks...